KJP

Yes, that's one of them. I have seen 99 shares referred to in a couple of secondary sources but cannot verify it yet myself. EDIT: Apparently it takes the administrator 24-48 hours to email the Offer to Purchase once requested. They did confirm to me over the phone that an odd let is anything less than 100 shares.

Odd-lot tender: https://www.otcmarkets.com/stock/TLNE/news/Talen-Energy-Corporation-Commences-a-Tender-Offer-to-Repurchase-up-to-600000000-of-its-Common-Stock?id=442166 Talen is not an SEC filer so the Offer to Purchase is not available on EDGAR. The press release tells you how to get it. I have requested it but haven't yet received it. Nevertheless, I bought yesterday based on some assumptions about what's in it.

If the theme you are looking at is increased electrification and dealing with it effects, IES Holdings and Acorn Energy (remote generator monitoring and control with new demand response offering) may interest you. Here is a thread on IES Holdings:

The Inhibrx transaction should close soon: https://inhibrx.investorroom.com/2024-05-10-Inhibrx,-Inc-Announces-Updated-When-Issued-Trading-Date-for-Anticipated-Spin-Off You get cash, shares in a SpinCo*, and a CVR. Depending on where the SpinCo trades, it looks like you're getting a decent CVR fairly cheap. *Although the record date for the spin is May 17, an earlier press release stated that the the publicly traded shares will trade with the rights to the spinoff until the distribution. So, I believe if you buy in the open market today you still get the spin.

Catalyst Bancorp (CLST) isn't a particularly well positioned or well run bank. But (i) it's overcapitalized, (ii) in October it will be 3 years post-conversion, (iii) it has been and continues to sell at a significant discount to book, (iv) it has consistently bought back shares and just authorized another repurchase, and (v) the CEO owns some shares and would get ~$1 million in change of control payments. Most of the points above can be seen in yesterday's earnings release: https://catalystbank.investorroom.com/2024-05-02-Catalyst-Bancorp,-Inc-Announces-2024-First-Quarter-Results-and-Approval-of-New-Share-Repurchase-Plan

Solitron Devices Thomasville Bancshares

That likely is not what @Spekulatius was referring to. 3x funds rebalance on a daily basis. So, over time they do not track 3x the cumulative performance of the index. A simple example: Buy at 100 Day 1: index goes to 105, so up 5% -- 3x goes up 15%, so 3x fund to 115. Day 2: index goes back to 100. This is down 5/105 = down 4.7619%, so 3x fund will be down 3 x 4.7619 = 14.2857%. 115 * (1 - .142857) = 98.57. The 3x fund has underperformed (3 x cumulative return of the index). This effect will magnify over time and can be particularly brutal in volatile but overall flat markets.

The release says: " If consummated, the Proposed Transaction would apply directly to record holders of the Company’s common stock. Persons who hold shares of common stock in “street name” are encouraged to contact their bank, broker or other nominee for information on how the Proposed Transaction may affect any shares of the Company’s common stock held for their account. If you hold in “street name” fewer than 10,000 shares in any one account, the Proposed Transaction may apply indirectly to your shares as described in the proxy statement to be filed in connection with this Proposed Transaction. Normally this is not an issue and the reverse split occurs at the individual account level, not at the aggregated broker level. But the disclaimer is interesting. If I was going to hold through the transaction, I'd look at the proxy statement and then contact my broker.

More today on EPD's view: https://ir.enterpriseproducts.com/news-releases/news-release-details/enterprise-build-new-natural-gas-processing-plant-delaware-basin

That is possible. But take a look at insider ownership. The structure suggests to me that they want to cash out as many as possible. EDIT: It's enough of an issue that I wouldn't buy this at, say, $4.80 today. I bought pre-market and my limit sell order already hit for most of those shares. I'm going to keep an eye on it and see if the spread widens out again.

Ashford Inc. go private transaction via 1 for 10,000 reverse split: https://ashfordinc.q4ir.com/news-events/press-releases/news-details/2024/ASHFORD-INC.S-BOARD-OF-DIRECTORS-APPROVES-PLAN-TO-TERMINATE-REGISTRATION-OF-ITS-COMMON-STOCK/default.aspx Stock price has been volatile this morning, but IRR would be good if deal closes on time. According to the press release, they don't appear to be aggregating across accounts either. So, if you're comfortable with the deal, you could put a decent amount of money into this. Subject to shareholder vote with targeted closing in summer 2024. "

Slides 29-35 of EPD's investor presentation may be useful here: https://ir.enterpriseproducts.com/static-files/7dfd6fce-afdb-4869-af76-5f745faa7ba2 I have no idea how accurate those forecasts will turn out to be, but you can see from their CapEx that they are putting their money where their mouths are.

William Penn Bancorporation

In today's presentation, Charter projects $2,000 - $2,500/passing (doesn't include cost of the drop) for its greenfield footprint expansions. See slide 11: https://ir.charter.com/static-files/ba52d4ff-3a83-415b-8c1a-1f0a9a12df8b On slide 12, they show post-subsidy cost/passing for the rural buildouts. It's well over $3,000/passing. On slide 13, they show margin profile of rural buildouts. They claim 70% gross margin with some of the revenue being video and mobile. So broadband only would appear to be above 80%. Based on the dot plot on slide 13, average penetration appears to be ~45% at 15 months. I believe these subsidized rural areas have some of the weakest current broadband offerings in the country. So, someone overbuilding an average existing cable broadband system with fiber likely would not achieve a similar penetration timetable.

What is the incremental OpEx/SG&A after a new subscriber connects? Assuming this is just broadband, and not video, it should be very low. So, incremental operating margin, which is probably the best way to assess incremental new build CapEx, is likely much higher than 20%. Also, 60% gross margin on broadband seems low. Tucows claims much higher. See slide 25: https://ir.tucows.com/wp-content/uploads/2023-Q3-TCX-results-investor-deck.pdf Put those two things together and you'll get much higher (claimed) margins. See slide 26. I do want to note that I've never been able to reconcile that slide (which they've long had in their presentations) with the segment numbers. The CapEx/passing in the segment financials always seems higher than what they put on that slide. [The slide is showing cost per passing, not cost per subscriber, and doesn't include the cost of the drop to the house of a new subscriber.] I also agree with you that there are other costs besides CapEx that must be incurred to get the system to steady state/50% penetration (marketing, etc.) so the EBITDA losses should be included, not just the CapEx, when looking at returns on capital.

I think Asbury is a good to very good (and well managed) business trading at less than 10x normalized earnings. I recognize, though, that earnings are likely to come down as new car margins normalize.

Asbury Automotive Rand Worldwide

Revenue is lumpy because they record significant one-time revenue when they initially sell a system (and system sales vary significantly from period to period) and then ongoing maintenance revenue for all installed systems. The maintenance revenue has been steadily increasing over the years. See, e.g., page 7 of the latest 10-Q to see the lumpiness in system sales: https://www.sec.gov/ix?doc=/Archives/edgar/data/1090396/000143774923031496/tbltrc20230930_10q.htm

Truxton Trust (TRUX) FFB Bancorp (FFBB) United Bancorporation of Alabama (UBAB) Citizens Bancshares Corporation (CZBS) OP Bancorp (OPBK) Exchange Bank of Santa Rosa (EXSR) M&F Bancorp, Inc. (MFBP) These are all very small US banks.

There are several threads about small caps and nano caps on this board, but they don't get much interest. See, e.g., the threads on Terravest, Keck Seng, Black Diamond (now Clarus), Hamilton Thorne, ECA Marcellus Trust, Unit Corp, New Lease Office Properties, Macfarlane Group, NIcholas Financial, Hirequest, MachTen, Hingham, Solitron Devices, Calloway's Nursery.

On micro/nano vs. large cap and management quality, amount of work, etc, compare these two documents: https://www.citigroup.com/rcs/citigpa/storage/public/citi-2022-annual-report.pdf https://ir.truxtontrust.com/static-files/a30c48a8-5f9a-4bac-9273-062f5f3dad41

Keck Seng Investments (0184.HK)

16% - US community bank basket 13% - Fairfax 13% - Cash [from recent sales and special dividends] 10% - IAC Corp. 10% - FRP Holdings 7% - IDT Corp. 6% - Unit Corp. 5% - Solitron Devices 5% - Black Stone Minerals 3% - Leatt Corp. 3% - Turning Point Brands 3% - Macfarlane Group plc 3% - Nickel 28 Capital Corp. 2% - Enterprise Products Partners 2% - Clipper Realty

29%, pre-tax in USD Biggest contributors: IES Holdings, Solitron Devices, Unit Corp, SNC-Lavalin, Fairfax Biggest detractor: Leatt Corp. Historical 2022: -15% 2021: 11% 2020: 14% 2019: 31% 2018: 11% 2017: 10% 2016: 22%

IDT Corp. IAC Inc. A US community bank basket (TRUX, FFBB, CZBS, MFBP, UBAB, OPBK, EXSR)